The Euro continues to push higher. It seems to have more momentum currently. The last three breakouts only lasted a week. However, at the last breakout, the $XEU chart spent 4 weeks hovering below resistance. This week we have surged to new highs once again.
Gold had been tracking the Euro higher for the last few weeks. Today Gold is down hard and the Euro is up again. With a change in some of the linkages, we might see the Euro behave differently as well.
Time to watch closely! For now it's another 2 year high and it looks like we'll close the week there.
Greg Schnell, CMT